Hong Kong/London — HSBC said Tuesday that it would combine some of its commercial and investment banking operations in a major overhaul under its new CEO, which will see it cut costs while trying to improve returns.
A new leadership structure, which includes the appointment of Pam Kaur as the lender’s first female chief financial officer, would “unleash our full potential and drive success into the future,” CEO Georges Elhedery said in a memo to staff.
The group is carving up its operations into four business lines, namely UK, Hong Kong, corporate and institutional banking, and wealth banking.
The overhaul sees Elhedery tackle one of HSBC’s most
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